Fin­tech pay­ments firm PIP plans ex­pan­sion af­ter €1m fundrais­ing

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Michael Cog­ley

IN­TER­NA­TIONAL pay­ments com­pany PIP IT will triple its head­count over the next 18 months af­ter se­cur­ing over €1m in fund­ing.

The Gal­way-head­quar­tered busi­ness, which al­lows mi­grants to pay bills and trans­fer money over­seas at much cheaper rates, in­tends to add 17 em­ploy­ees over the next 18 months.

PIP was orig­i­nally launched last year af­ter it be­gan part­ner­ing with Ghana’s Zeepay.

It has also teamed up with Zym­pay in Zim­babwe and Im­pala­pay in Kenya and claims that mi­grants can send money home at much cheaper rates than more es­tab­lished play­ers such as Western Union and Money­gram.

CEO and co-founder Ol­lie Walsh said the com­pany was “dig­i­tal­is­ing cash”.

“We are try­ing to re­move the two main ob­sta­cles mi­grants face when trans­fer­ring money – risk and cost,” he said.“we want to play a big part in com­bat­ing fi­nan­cial ex­clu­sion across the world, by help­ing the un-banked and un­der-banked to fully par­tic­i­pate in the dig­i­tal world.”

Walsh said PIP charges 1.5pc on trans­ac­tions, which he said was a “sig­nif­i­cant sav­ing”.

“To put it into some con­text for ex­am­ple, in a de­vel­op­ing na­tion such as Ghana, one year’s health in­surance costs $5,” he said.

“So, pay­ing a sin­gle bill with PIP IT, as op­posed to re­mit­ting cash, could pay for health in­surance for a fam­ily mem­ber for a whole year.”

Around 250 mil­lion mi­grants sent around $600bn home across the world last year, ac­cord­ing to Walsh.

PIP has 12 pay­ment part­ners dot­ted across the world, in­clud­ing the UK, the Mid­dle East, Canada, and In­dia. The com­pany will also ex­pand its of­fer­ing over the next two years with the launch of PIP V2.

PIP IT CEO Ol­lie Walsh is tripling head­count

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